{"id":1004676654,"date":"2023-08-17T04:00:34","date_gmt":"2023-08-17T12:00:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004676654"},"modified":"2023-08-17T04:40:26","modified_gmt":"2023-08-17T12:40:26","slug":"mra-group-adds-63m-to-life-science-project-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mra-group-adds-63m-to-life-science-project-financing\/","title":{"rendered":"MRA Group Sweetens Financing for CRISP Project"},"content":{"rendered":"

MRA Group<\/strong>, of Horsham, Pa., has secured $63 million in additional debt for the ongoing redevelopment of its Chestnut Run Innovation & Science Park (CRISP), a 164-acre, 14-building campus in Wilmington, Del.<\/p>\n

Fulton Bank, in conjunction with Nuveen Green Capital<\/strong> through C-PACE, financed $50 million, while the remaining $13 million was provided by WSFS Bank<\/strong>. Given the current debt market, MRA stated that this favorable financing reflects the strengths of both its portfolio and its relationships with financial partners.<\/p>\n

This use of C-PACE (commercial property-assessed clean energy) financing reportedly is a first for MRA, but the company stated that given its commitment to developing energy-efficient buildings, this type of funding is likely to be sought again.<\/p>\n

\n

READ ALSO<\/strong>: Credit Disruption Boosts Green Financing<\/a><\/p>\n

\n

MRA will use the funds for its continued redevelopment efforts at CRISP, including renovated buildings for lab, R&D and advanced manufacturing uses. Additional plans for the campus include amenities such as a hotel, a fitness center, conference space, an outdoor amphitheater and space for food services.<\/p>\n

\"Aerial<\/a>

Aerial view of Chestnut Run Innovation & Science Park in Wilmington, Del. Image courtesy of MRA Group<\/em><\/p><\/div>\n

MRA acquired the former DuPont Chestnut Run Laboratory campus<\/a> in November 2021. Currently, tenants including Solenis, DuPont, Prelude Therapeutics and Celanese occupy nearly 400,000 of the roughly 800,000 square feet on the campus intended for R&D, biopharma, advanced manufacturing and applied sciences users.<\/p>\n

This infusion of funding will finance the redevelopment of about a further 120,000 square feet of space, an MRA spokesperson told Commercial Property Executive<\/em>. He added that the tentative timeframe for the hotel is the first quarter of 2025.<\/p>\n

Organic, but rapid growth<\/h2>\n

Metro Philadelphia is seeing a growing pipeline of biotech companies, including early-stage entities, all contributing to a level of demand that \u201cis being met with 4 million square feet of new purpose-built lab space and conversions that have been announced or are under construction,\u201d according to a recent report from Colliers<\/strong>. Clinical- and pre-clinical-scale biomanufacturing space is in especially short supply.<\/p>\n

Among the projects aiming to meet all this demand are a 500,000-square-foot biomanufacturing facility in University City for Spark Therapeutics, a local start-up later purchased by Roche<\/strong>, and the 600,000-square-foot first phase of a 1 million-square-foot-plus pharmaceutical manufacturing campus for WuXi STA<\/strong> in Middletown, Del., Colliers reports.<\/p>\n","protected":false},"excerpt":{"rendered":"

Chestnut Run Innovation & Science Park is a redevelopment of a former DuPont headquarters campus.<\/p>\n","protected":false},"author":882,"featured_media":1004676669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,11,21742,21747,1494],"tags":[36969,35498,50851,37491],"class_list":["post-1004676654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-midatlantic","category-latest","category-office","category-philadelphia","tag-c-pace","tag-colliers","tag-mra-group","tag-nuveen"],"acf":[],"yoast_head":"\nMRA Group Sweetens Financing for CRISP Project - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"MRA Group has secured $63 million in additional debt for the redevelopment of Chestnut Run Innovation & Science Park in Wilmington, Del.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mra-group-adds-63m-to-life-science-project-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MRA Group Sweetens Financing for CRISP Project\" \/>\n<meta property=\"og:description\" content=\"MRA Group has secured $63 million in additional debt for the redevelopment of Chestnut Run Innovation & Science Park in Wilmington, Del.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mra-group-adds-63m-to-life-science-project-financing\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-17T12:00:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-17T12:40:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Chestnut-Run-Innovation-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mra-group-adds-63m-to-life-science-project-financing\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mra-group-adds-63m-to-life-science-project-financing\/\",\"name\":\"MRA Group Sweetens Financing for CRISP Project - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mra-group-adds-63m-to-life-science-project-financing\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mra-group-adds-63m-to-life-science-project-financing\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Chestnut-Run-Innovation-featured.jpg\",\"datePublished\":\"2023-08-17T12:00:34+00:00\",\"dateModified\":\"2023-08-17T12:40:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"MRA Group has secured $63 million in additional debt for the redevelopment of Chestnut Run Innovation & Science Park in Wilmington, Del.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mra-group-adds-63m-to-life-science-project-financing\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/mra-group-adds-63m-to-life-science-project-financing\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mra-group-adds-63m-to-life-science-project-financing\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Chestnut-Run-Innovation-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/Chestnut-Run-Innovation-featured.jpg\",\"width\":800,\"height\":620,\"caption\":\"Aerial view of Chestnut Run Innovation & Science Park in Wilmington, Del. 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